Iran's currency hit a record low on Sunday, dropping to 613,500 rials to the dollar as the country marked the Persian New Year. The holiday season, spanning from March 20 to April 2, led to a surge in demand for foreign currency, particularly U.S. dollars and Euros, as Iranians took the opportunity to travel abroad.
Exchange shops in Tehran, including the main hub on Ferdowsi Street, experienced closures due to the Nowruz holidays, limiting access to currency exchange services. This scarcity, coupled with high demand, contributed to the rial's steep decline.
